Peer-to-peer lending platform Funding Circle has secured £40m from the UK government to support small businesses amid concern that the Brexit vote could constrain credit.
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Funding Circle secures additional financing from UK government
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The government-owned British Business Bank has pledged to lend through the platform, which connects investors directly to small businesses in search of funding. The British Business Bank has previously lent Funding Circle £60m, which has been channelled to more than 10,000 businesses across the UK. The government has in return earned about £5m in net interest over the past four years.
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